boston-condos-low-asking

There’s a saying: If all economists were laid end to end, they would not reach a conclusion.

Yesterday, I blogged about how one economist thinks we will see inflation this year. Today, I read The 2010 Housing Outlook where Mark Zandi the chief economist of Moody’s Economy.com has sobering predictions for sellers: Home prices are going to fall by -4.56% in Boston between now and this time next year. Then they might start turning around. (Emphasis on “might”)

The following are excerpts from The 2010 Housing Outlook:

…At the top of Zandi’s list of worries are foreclosures-especially, the million of loans that are in foreclosure or headed there that can’t or won’t be modified. According to RealtyTrac, nearly 2 million housing units in the U.S. are in foreclosure or bank owned, and millions more are likely to join them. Zandi estimates that 2.4 million homes will find their way into foreclosure next year. He expects banks to start putting those properties on the market more aggressively during the first half of the year, resulting in a flood of cut-rate inventory that will drag prices down.

…Zandi’s second concern: sky-high unemployment … A soft job market, especially one this soft, means potential buyers don’t have money to pour into a new homes or the confidence that they’ll be able to hold on to their jobs and pay the mortgage on their existing home.

Another concern: Policymakers will pull their support from the market prematurely (first-time homebuyer tax credit and the Fed’s purchase of mortgage-backed securities), which could bump mortgage rates up as much as a full point.

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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